The execution of the project shall involve the following Phase:
Phase I shall include the following
- Site Preparation including Clearing and Degrooving
- Dredging, Sand filling and Compacting
- Site Demarcation and Plot Pegging and Survey.
Upon the completion of sand filling, commercial plots shall be sold to generate funds to pay FHA for the cost of the land and to pay for the cost of sand filling.
The sand filling cost will be met through contractor finance to b provided by Fung Tai Engineering Company Limited as equity contribution of the New Festac Property Development Company Limited to the project.
Phase II: Provision of infrastructure
Phase II shall include the construction of infrastructure. Such infrastructure shall include:
- Water infrastructure
- Road, Culverts and Drainage
- Waste Management Facilities including Sewage and Sewerages
- Gas Piping Network
- Electricity Infrastructural Backbone
- Communication Infrastructure
This shall include mainly the sale of the residual plot to developers. Where NFPDCL chooses to develop the property by itself, funds shall be raised through a Third Lending Trust. Security for the Trust shall be the developed properties which shall be sold to on-takers.